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Mutual Mistake
A misunderstanding between all parties of a contract regarding the basic facts or terms of the contract, which can make the agreement voidable.
Unilateral Mistake
A misunderstanding or error made by one party in a contract, which may not necessarily void the contract.
Misrepresentation
The assertion of a fact that is not in accord with the truth. A contract can be rescinded on the ground of misrepresentation when the assertion relates to a material fact or is made fraudulently and the other party actually and justifiably relies on the assertion.
Material Fact
A fact that is significant or essential to the issue or matter at hand, and if known, could influence an individual's decision in a transaction, contract, or legal case.
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